America’s Economic Sovereignty Surrendered by Obama

The latest G-20 summit saw the U.S. take a huge blow to it’s economic sovereignty.  The United States, under President Obama, agreed to coordinate it’s economic policies and programs with the other G-20 nations and submit them to the International Monetary Fund (IMF) for approval.  That’s right FOR APPROVAL.
Even though the U.S. only committed to specific policies like reducing the budget deficit and regulatory oversight of financial institutions, the precedence this is setting is freighting.  We are opening the door to completely handing over our economy to an organization that has a history of socialistic policy and strongly opposes the American free-market system.
Think about that for a second. We are going to present our economic plans to countries like China, Russia and Saudi Arabia for review.  What is wrong with this picture?  We have the largest GDP in the world, three times bigger than the second largest and we are subjecting ourselves to one vote in the G-20 on how we control our economy.
Just to be clear… the worlds largest economy has voluntarily subjected itself to the burden of justifying it’s economic policy in front of the global community, many of whom do not believe in the free-market system.  Obviously we live in a global economy, but the U.S. is 24% of it and should have more than 1/20th of a vote in the direction of our country’s future.
One more thing to put on the list of things to fix when the new administration takes over in 2012. 

Technorati Tags: IMF,G-20,Sovereignty,Economic Policy